Bank property valuations hit new highs
House valuation surveys undertaken by Portuguese banks hit a new all-time record in June.
According to bank surveyors, the average value on property rose one euro to €1,115 per square metre in June on May, overtaking the new record that had been set in May, according to the latest figures out from the National Statistics Institute (INE).
This variation, however, is still a fall in like-for-like terms since the variation rate went from 8.9% in May to 8.3% in June.
The number of bank surveys, according to the INE fell sharply, to 16,000 in June, 27.5% down on the same period in 2019.
At a regional level, the greatest increase on the previous month was in the Alentejo (3.9%). The sole reduction was seen in the Greater Lisbon Area (-0.5%).
In comparison with the same period last year, the average value of valuations rose 8.3%.
The like-for-like variation rate that was the highest across a range of valuations was seen in the Azores (12.9%) and the lowest in the Alentejo (5.8%), states the INE.